| Outstanding Awards Under 2013 Omnibus Equity Incentive Plan |
Activity under the 2013 Plan consisted of the following (dollars in thousands, except weighted average per share data):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
RSA Grants to Non-employee
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-
Average Grant Date
Fair Value Per
Share |
|
Nonvested shares at December 31, 2017 (1)
|
|
|
30,732 |
|
|
|
500,859 |
|
|
|
450,264 |
|
|
|
981,855 |
|
|
$ |
23.90 |
|
| |
|
|
12,852 |
|
|
|
142,760 |
|
|
|
102,466 |
|
|
|
258,078 |
|
|
|
34.94 |
|
| |
|
|
(16,488 |
) |
|
|
(146,122 |
) |
|
|
(171,114 |
) |
|
|
(333,724 |
) |
|
|
22.31 |
|
| |
|
|
— |
|
|
|
(23,755 |
) |
|
|
23,755 |
|
|
|
— |
|
|
|
30.69 |
|
| |
|
|
— |
|
|
|
(1,960 |
) |
|
|
(12,674 |
) |
|
|
(14,634 |
) |
|
|
30.17 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonvested shares at December 31, 2018 (1)
|
|
|
27,096 |
|
|
|
471,782 |
|
|
|
392,697 |
|
|
|
891,575 |
|
|
|
27.59 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
12,806 |
|
|
|
260,274 |
|
|
|
82,050 |
|
|
|
355,130 |
|
|
|
38.51 |
|
| |
|
|
(22,422 |
) |
|
|
(186,311 |
) |
|
|
(191,883 |
) |
|
|
(400,616 |
) |
|
|
24.29 |
|
| |
|
|
— |
|
|
|
(8,136 |
) |
|
|
8,136 |
|
|
|
— |
|
|
|
29.68 |
|
| |
|
|
— |
|
|
|
(12,494 |
) |
|
|
(33,520 |
) |
|
|
(46,014 |
) |
|
|
30.65 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonvested shares at December 31, 2019 (1)
|
|
|
17,480 |
|
|
|
525,115 |
|
|
|
257,480 |
|
|
|
800,075 |
|
|
|
33.91 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
19,516 |
|
|
|
322,910 |
|
|
|
92,279 |
|
|
|
434,705 |
|
|
|
32.80 |
|
| |
|
|
(20,268 |
) |
|
|
(170,291 |
) |
|
|
(93,944 |
) |
|
|
(284,503 |
) |
|
|
32.74 |
|
| |
|
|
— |
|
|
|
(18,294 |
) |
|
|
18,294 |
|
|
|
— |
|
|
|
33.67 |
|
| |
|
|
— |
|
|
|
(21,790 |
) |
|
|
(10,108 |
) |
|
|
(31,898 |
) |
|
|
34.49 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonvested shares at December 31, 2020 (1)
|
|
|
16,728 |
|
|
|
637,650 |
|
|
|
264,001 |
|
|
|
918,379 |
|
|
|
33.73 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrecognized stock-based compensation expense as of December 31, 2020 (2)
|
|
$ |
153 |
|
|
$ |
17,718 |
|
|
$ |
7,555 |
|
|
$ |
25,426 |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average remaining vesting period (years) as of December 31, 2020 |
|
|
0.34 |
|
|
|
3.58 |
|
|
|
3.13 |
|
|
|
3.42 |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
Nonvested RSUs will be settled through the issuance of new shares of common stock. |
|
(2) |
The total unrecognized compensation expense is expected to be recognized over a weighted-average period of approximately 3.42 years. |
|
| Stock-Based Compensation Expense |
Components of stock-based compensation are included in selling, general and administrative expense in the consolidated statements of net and comprehensive income and consisted of the following (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
$ |
168 |
|
|
$ |
139 |
|
|
$ |
109 |
|
RSAs – non-employee directors |
|
|
606 |
|
|
|
643 |
|
|
|
632 |
|
|
|
|
6,003 |
|
|
|
5,419 |
|
|
|
4,233 |
|
RSUs – independent contractors (2)
|
|
|
3,128 |
|
|
|
3,077 |
|
|
|
7,009 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
$ |
9,905 |
|
|
$ |
9,278 |
|
|
$ |
11,983 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
Includes expense related to the acceleration of vesting of certain RSUs. |
(2) |
The Company grants RSUs to independent contractors (i.e. investment sales and financing professionals), who are considered non-employees. Prior to the adoption of ASU No. 2018-07 on July 1, 2018, such awards were required to be measured at fair value at the end of each reporting period until settlement. Stock-based compensation expense was therefore impacted by the changes in the Company’s common stock price during each reporting period prior to the adoption. New awards after the date of adoption are measured based on the grant date closing price of the Company’s common stock consistent with awards made to the Company’s employees and non-employee directors. |
|